By Matthew Denis

The Managing Director and Chief Executive Officer of Nigeria Deposit Insurance Commission ( NDIC), Mr. Bello Hassan has disclosed that the Commission has increased debt recovery rate leading to declaration of 100 percent Liquidation dividends to depositors of over 20 deposit money banks inliquidation.

He made the disclosure during his opening remark at the workshop for Financial Correspondents Association of Nigeria (FICAN) held on Wednesday.

Mr. Hassan said “It is gratifying that for two decades, the collaboration between the Corporation and the media through
this platform has not only been sustained, but has continued to be refined towards addressing the issue of capacity building in the field of Deposit
Insurance System (DIS) in particular, and the financial system in general.

“In complementing the consumer protection efforts of the CBN, we have
enhanced public awareness on the benefits and limitations of the deposit
insurance system and financial literacy, to reduce the rate at which small
depositors are being defrauded, thereby enhancing confidence in the banking system.

“we have invigorated our liquidation activities, and greatly increased debt recovery rate leading to declaration of 100 per cent liquidation dividends to depositors of over 20 deposit money banks inliquidation; and we have also improved our systems, processes and
procedures to promote transparency and accountability in our operations,
amongst other humble achievements.”

“As you are aware, the Deposit Insurance System, as a critical component
of the financial safety net, has continued to play critical roles in complementing the drive of the Central Bank of Nigeria (CBN), in promoting stability in the financial system. This becomes more significant for the NDIC with a broad mandate of Risk Minimizer.

“As expected, the Deposit Insurer has always been impacted by the challenges that confront the financial system at various times. Though some of the challenges are universal, others are however, unique. The desire to strengthen our banks through
prudential thresholds and other regulatory instruments, calls for
collaboration with all relevant stakeholders in the Nigerian financial system.

“It is this background that informed the choice of this year’s FICAN Workshop
theme: “Stocktaking of Deposit Insurance Practice: Assessing the
Past, Evaluating the Present and Forecasting the Future”.

The NDIC boss noted that it is equally important is the expansion of scope of the workshop to accommodate members of the Civil Society Organisations (CSOs) and
Association of Corporate Affairs Managers of Banks (ACAMBS).

“While the CSOs were included in view of their crucial role in promoting advocacy and sensitization in support of the public awareness drive of the Corporation, the ACAMB’s involvement was aimed at strengthening the media’s interface with the banks in the interest of the depositors and the larger financial
system.

Speaking on the important of workshop he said “the 20th edition of this workshop has been organized to share thoughts, knowledge and experience together with you as critical stakeholders, with a view to defining a brighter and insightful future for the practice of DIS in Nigeria.

“Some of the issues to be put in perspective include the adequacy of the deposit insurance coverage; developments in bank distress resolution; the role of technology in the future of deposit insurance; faster reimbursement of depositors in the event of bank failure; and of course, the roles of the media in promoting fintech in the banking system, amongst others.”

The MD reiterated that in order
to deliver on this, which is in harmony with the vision of the Corporation: “To
be one of the best deposit insurers in the world”they launched the 2021 –
2025 Strategic Plan, which was formulated in consideration of current
realities and trends, as well as the desire to differentiate the Corporation by
providing excellent and efficient services to our stakeholders across board.

He said ” I am glad to report that our commitment in this regard has not gone without yielding the desired results. We have introduced the Single Customer View (SCV) framework that has enhanced speedy payment of insured sums to depositors of closed banks.

“we have enhanced collaboration with the bar and the bench, leading to speedy dispensation of justice and more informed Judgements on failed banks cases; we have equally put in place policy and framework on Alternative Dispute Resolution for out-of-court settlement,which had enabled us to resolve some hitherto protracted failed bank litigations

“we have reviewed the Framework for Differential Premium Assessment System (DPAS) to make it more risk sensitive and account for significant developments that have taken place in the Nigerian banking system since its adoption in 2008; and we have established a special desk at the Economic and Financial Crimes Commission (EFCC) which has energized investigation and prosecution of parties responsible for failure of
banks.

According to him the Corporation has also reached an advanced stage in the review of the maximum deposit insurance coverage, to account for the impact of macroeconomic developments, since its last review. It is our belief that the new coverage level once approved will go a long way in reinforcing depositors’ confidence on the NDIC’s deposit guarantee scheme.

He revealed that It is therefore a welcome development to us that the Corporation has been identified for various special recognitions and awards amongst the comity of Ministries, Departments and Agencies (MDAs) by credible bodies and institutions, some of which I would like to highlight as follows Year 2021 and 2023 Overall Best Public Institution among 360 MDAs in the Independent Corrupt Practices and Other Related Offences Commission’s (ICPC) Ethics and Integrity Compliance Scorecard
(EICS)

“First Position in the 2021 Transparency & Integrity Index, a public sector assessment by the Center for Fiscal Transparency & Integrity Watch (CeFTIW), a non-governmental and non-partisan organization established in 2016 and supported by the MacArthur Foundation with the aim of promoting accountability and transparency within the public sector.

“Platinum Award in 2022 by the Bureau of Public Service Reform
(BPSR) after the deployment of its Self-Assessment Tool (SAT) to
Federal public institutions to assess the broad areas of governance,
financial management, strategic planning, operational leadership,
procurement management.

“Attainment of three ISO Certifications in 2023, through MSECB, a leading international provider of Audit and Certification Services namely: Information Security Management System ISO/IEC 27001:2013, IT Service Management System ISO/IEC 20000-1:2011, and Business Continuity Management System, ISO 22301;

“2023 Best Performing Ministerial Servicom Unit (MSU) in the Team
“C” Category for Ministries, Departments and Agencies (MDAs) by the
SERVICOM Office of the Presidency;
2022 Best Contributing Employer in Human Resources Development
by the Industrial Training Fund (ITF);
Election of the Managing Director/Chief Executive of the Corporation
into the Executive Council (EXCO) of the International Association of
Deposit Insurers (IADI) in October 2022; and Election of the Managing Director/Chief Executive of the Corporation as the Vice-Chairperson of the IADI-Africa Regional Committee in
September 2023.

” you will agree with me that these awards and recognitions bear eloquent testimonies to the irrevocable commitment of the current Management Team of the NDIC and the staff, to bringing about a paradigm shift in the discharge of the Corporation’s mandate.

“It is therefore my sincere hope that the discussions at this forum, would go a long way to strengthen our resolve, for a more robust implementation of the deposit insurance system in Nigeria, to complement the Central Bank’s efforts in strengthening the safety, soundness and stability of the financial system.”

Pulling down of unapproved structures erected in front of buildings in Isi Gate, Uzuakoli Road, Corporative and Aba Road areas of Umuahia, the Abia State capital, will commence next week.

The Umuahia Capital Development Authority (UCDA) gave this final notice in Umuahia during a meeting with landlords, especially those doing business in the affected areas.

The General Manager of UCDA, Kingsley Agomuo, advised the landlords and other occupants of the illegal structures and shanties to remove them before the December 1 deadline earlier given by the state government.

It warned that all costs spent in pulling down the structures would be borne by the owners of the buildings.

He made it clear that it was in the best interest of the landlords and occupants of the illegal structures to remove the structures on their own to avoid paying for the expenses incurred by having the Abia State Government do so.

He further said any landlord who failed to heed the advice would be sanctioned.

The UCDA said there was a need to restore the sanity of Umuahia.

Traders at Isi Gate were also asked to leave their current space as the UCDA and Abia State Ministry of Trade, Commerce and Investment have maintained that the market had long been relocated and therefore, was no longer recognized by the state government.

…Departs Abuja for Dubai Wednesday, as Nigerian artists prepare for exhibitions

President Bola Tinubu will, on Wednesday, depart Abuja for Dubai, the United Arab Emirates, to attend the COP28 Climate Summit, also known as the 28th United Nations Climate Change Conference, or Conference of the Parties of the UNFCCC.

This was contained in a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed Tuesday.

Ngelale said, “Tinubu who will participate in the World Leaders’ Summit on December 1 and 2, 2023, will deliver a national statement highlighting Nigeria’s stance on various thematic issues, including renewable energy and climate financing.”

At the Leaders’ Summit with the theme, “Unite, Act, and Deliver,” President Tinubu will advocate increased financial and technical support for developing nations while reminding developed countries of their public pledge to provide $100 billion annually for support to localised initiatives to address climate change-related challenges.

According to the statement titled ‘President Tinubu to attend COP28 Climate Summit in Dubai,’ the President’s message will also focus on holding businesses and institutions accountable, reflecting Nigeria’s dedication to sustainable and responsible practices.

While in Dubai, Tinubu will actively participate in key sideline events, which will further “support the advancement of his avowed commitment to aggressively attract foreign direct investment for enhanced wealth creation and revenue expansion in the country, in addition to other events hosted by the Nigerian delegation,” Ngelale revealed.

Likewise, the Nigerian delegation to COP28 will actively explore establishing new and deeper bilateral partnerships to implement Nigeria’s Energy Transition, Article 6 Projects, Internationally Transferred Mitigation Outcomes, Technology Transfer, Capacity Building, and Methane Mitigation.

More so, as preparations bound on the part of Nigeria, efforts are intensified towards Art for Climate Change at the Expo City Dubai, with the approval of the UAE Ministry of Education and UNESCO Greening Education Partnership on December 2, 2023 to present Art exhibitions.

COP28 Art for Climate Change Summit represents a critical milestone for demonstrating the connectivity between climate change, art and humanity to accelerate the climate-resilient global economy’s pace and scale and transition to renewable energy and low-carbon world.

NYU Abu Dhabi and Solution17 are leading the Education for Sustainable Development through Art-Inspired awareness towards the delivery of credible and concrete actions and policies to keep the 1.5°C goal of the Paris Agreement alive and deliver climate justice to those on the front lines of the climate crisis.

The Project Director of CYCDI-Solution17, Foluke Michael in a statement made available to the media stated that the event would open with Poetry titled “ArtNovation to The World” by Princess Marinay, followed by A quick dive into COP28 Art for Climate Change Virtual Gallery and a High-level Opening Plenary that brings together a diverse group of leaders from Education Institutions, Youth Groups, Students, Climate Advocates, Non-profit Organisations, Governmental Agencies and Businesses, General Public.

She added that, “The session highlights include the opening of the Net-Zero Carbon Exhibition, an extraordinary Live-Speed Painting on ‘Why COP28 Matters’ (to be hosted by Climate Artist Michael Tobi and AI and Energy Specialist, Fisayo Adeyemi), and the launch of the global Climate Pledge Web App, designed by Ayodeji Oluwadare and the Book of Climate Acts, cofounded by Haoma Worgwu.

“The event will present Climate Artworks co-created by a team of Climate Artists, Technologists, Innovators, Communicators and Poets. The project began in August 2023 with a press conference hosted by the Lagos State Government,” Ms Micheal noted.

Highlighting history of the project, she said in September 2023 onboarding of project actors to ArtNovation Hub took place, hosted by the PremiumTrust Bank, Nigeria, followed by Live marathon painting in Lagos State.

 ”Also, The New York University Dialogue Series will hold in Abu Dhabi late November, and the COP28 Art for Climate Change – Net-Zero Carbon Exhibition will also hold in Dubai early December,” she added.

The key outcomes of the Summit will be conveyed by Dr Awam Amkpa, Dean of Arts and Humanities, Professor of Drama, Social and Cultural Analysis, NYU, Abu Dhabi.

COP28 Art for Climate Change supports a pledge system for climate change as a powerful tool for mobilising action and raising awareness about the urgent need for climate solutions.

By setting clear goals, providing support, and fostering a sense of collective responsibility, the systems will contribute to meaningful climate action at all levels of society.

Attendees and interested participants are expected to raise awareness about climate change, advocate for climate-friendly policies, and educate others about the importance of climate action.

Dubai has become President Tinubu’s 11th foreign destination since assuming office about six months ago.

So, far he has visited Paris, France (twice); London, the United Kingdom; Bissau, Guinea-Bissau (twice); Nairobi, Kenya; Porto Norvo, Benin Republic; New Delhi, India; Abu Dhabi, the United Arab Emirates; New York, the United States of America, Riyadh, Saudi Arabia and Berlin, Germany.

Tinubu, who will be accompanied by senior government officials, is expected to return to Abuja at the conclusion of the summit.